Independent airline Ryanair has raised #122.4 million (£96 million) following its share placing of 15.3 million shares. This is before brokers' expenses.

The company's director of finance Mr Howard Millar said last night the placing had been very well supported and was more than twice oversubscribed. The shares were issued at #8, a 3.6 per cent discount to the market price.

As part of the placing Ryanair chief executive Mr Michael O'Leary sold six million shares netting him £37.8 million before expenses. Irish Air GenPar L.P., the investment vehicle of Mr David Bonderman, sold an additional 2.7 million shares, due to the strong demand. This is in addition to 1.3 million shares it granted as part of a 3.3 million over-allotment which the underwriters were granted.